The Call for Federal Regulation and Supervision

The Call for Federal Regulation and Supervision

While the problems associated with payday lending are recognized across the nation, oversight and supervision of payday lenders has been fragmented. Some states have sought to protect consumers, while other states have remained laissez-faire in regulating this multibillion dollar industry. Innovation and technology advancements have also made regulation more difficult, as new online platforms have eliminated the need for lenders to maintain the local, physical presence that was once necessary for them to conduct day-to-day business operations in various communities. Numerous lenders now utilize models that are entirely online-enabling borrowers to go from application to approval without ever stepping foot into a storefront location.

For many consumers, fintech innovation has increased their ability to access credit-and without it, some would have no means to acquire the credit they need during difficult times

Innovation has created new challenges in promoting safer access to credit, but it can also be an integral part of the http://cashcentralpaydayloans.com/payday-loans-nh/ solution. Financial innovation has been a driving force moving banking and lending into a technologically-advanced reality.

CFSI has conducted numerous studies of innovative lending models and has found that many of them represent promising alternatives to the various high-cost loan products commonly in use. Читать далее «The Call for Federal Regulation and Supervision»

E-Z Cash attempts to distinguish this case from that in Showmethemoney, 342 Ark

E-Z Cash attempts to distinguish this case from that in Showmethemoney, 342 Ark

On application of a party showing an agreement described in online payday loans Tennessee § 16-108-201 and the opposing party's refusal to arbitrate, the court shall order the parties to proceed with arbitration, but if the opposing party denies the existence of the agreement to arbitrate, the court shall proceed summarily to the determination of the issue so raised and shall order arbitration if found for the moving party; otherwise, the application shall be denied.

Specifically, the fact that the check cashier had the right to seek redress in a court of law, while the customer was limited strictly to arbitration, demonstrated a lack of mutuality

Clearly, under the foregoing statutory provisions, a party resisting arbitration may dispute the existence or validity of the agreement to arbitrate. Читать далее «E-Z Cash attempts to distinguish this case from that in Showmethemoney, 342 Ark»